Cimatron is a funny little company whose shares are traded on both the NASDAQ in the US and the Tel Aviv Stock Exchange in Israel. Even so, not one investor asked a question during the earnings call, which meant it was over in minutes — but also means that we didn’t get much color about the Q4 results. We did get a few more details: [Note that Cimatron gives revenue breakdowns in percentages and not actual numbers, so the following are approximations. -Ed.]
- Total revenue in Q4 was $12.4 million, up from $12.2 million a year ago.
- License revenue was 49% of total revenue in Q4 2012, or $6.1 million, as compared to 51% of revenue and $6.2 million a year earlier. Cimatron’s stock price dove 17% on the NASDAQ after the earning release on Monday — can’t help but wonder if this is why.
- Maintenance was 43% of total revenue for the quarter, or $5.3 million. A year earlier, maintenance was 42% of total, or $5.1 millon, likely due to growth in the installed license base.
- Professional services revenue was 8% of total revenue, or $1 million. Last year, professional services revenue was 7% of total — or $850,000.
- There wasn’t much change in the geo breakdown from year to year. In Q4 2012, Europe represented 44% of total revenue; North America, 35%; Asia Pacific, 18%; and the rest of the world 3%. A year ago, this split was Europe, 49%; North America, 32%; Asia Pacific, 15%, and rest of the world, 4%. Cimatron provided no color about the slight decrease in revenue contribution from Europe in Q4 2012.
CEO Danny Haran also spoke a bit more about Cimatron’s plans for entering the additive manufacturing market, saying that it’s early days in the company’s investigation of its opportunities but “Cimatron is a software company [and] we will remain in the software business and support this industry from the software side rather than getting involved in the hardware side of additive manufacturing including machines or material … Our focus is geared towards metal additive manufacturing, which is more tightly related to our traditional manufacturing market. In particular, we are exploring hybrid manufacturing for additive and subtractive technologies are used together, taking advantage of the benefit of each technology offers.”
Mr. Haran previewed 2013, saying that he expects 2013 to be “strong”, as the company expects to release major new versions of CimatronE and GibbsCAM, that he believes will “support our business success and growth in all our target markets.”
It sounds as though it’s business as usual at Cimatron. Even with yesterday’s tumble on the NASDAQ, Cimatron’s shares are still priced at more than double what they were a year ago. The sell-off drop could just have been a result of profit-taking by speculators. (The price on the TASE in Tel Aviv was essentially unchanged.)